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ash Flow Statement ehlen Industries began operations on January 1, 2019. Its post-closing trial balance at December 31, 2019 and 2020, is shown below along with s Behlen Industries Post-Closing Trial Balance Account Cash Accounts receivable Merchandise inventory Property, plant and equipment Accumulated depreciation Accounts payable Accrued liabilities Long-term notes payable Common shares Retained earnings December 31 2020 $156,000 304,000 108,000 731,000 414,000 199,000 11,000 305,000 232,300 137,700 2019 $161,000 324,000 97,000 681,000 410,000 196,000 17,000 188,000 225,500 226,500

ash Flow Statement ehlen Industries began operations on January 1, 2019. Its post-closing trial balance at December 31, 2019 and 2020, is shown below along with s Behlen Industries Post-Closing Trial Balance Account Cash Accounts receivable Merchandise inventory Property, plant and equipment Accumulated depreciation Accounts payable Accrued liabilities Long-term notes payable Common shares Retained earnings December 31 2020 $156,000 304,000 108,000 731,000 414,000 199,000 11,000 305,000 232,300 137,700 2019 $161,000 324,000 97,000 681,000 410,000 196,000 17,000 188,000 225,500 226,500

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Cash Flow Statement Behlen Industries began operations on January 1, 2019. Its post-closing trial balance at December 31, 2019 and 2020, is shown below along with some additional information. Behlen Industries Post-Closing Trial Balance Account Cash Accounts receivable Merchandise inventory Property, plant and equipment Accumulated depreciation Accounts payable Accrued liabilities. Long-term notes payable Common shares Retained earnings Revenues: Sales Expenses: Cost of goods sold Other expenses Depreciation expense Loss from operations Other revenue and expenses: Gain on sale of plant assets Loss 2. Behlen Industries Income Statement For the Year Ended December 31, 2020 3. 4. December 31 5. 6. 2020 $156,000 $161,000 304,000 324,000 108,000 97,000 731,000 681,000 414,000 410,000 199,000 196,000 11,000 17,000 305,000 232,300 137,700 2019 $854,000 410,000 18,000 188,000 225,500 226,500 $1,252,000 Other information regarding Behlen Industries and its activities during 2020: 1. Assume all accounts have normal balances. 1,282,000 $ (30,000) 17,000 $ (13,000) Cash dividends were declared and paid during the year. No share dividends were declared or distributed. Plant assets (PPE) worth $176,000 were purchased during the year by paying cash of $46,000 and issuing a long-term note payable for the balance. Plant assets (PPE) were sold during the year. A cash payment was made on the note payable. Common shares were issued. Using the template provided, prepare a (complete) statement of cash flows for Behlen Industries for the year ended December 31, 2020, using the indirect method. Use brackets ( ) to enter negative cash flows.
Transcribed Image Text:Cash Flow Statement Behlen Industries began operations on January 1, 2019. Its post-closing trial balance at December 31, 2019 and 2020, is shown below along with some additional information. Behlen Industries Post-Closing Trial Balance Account Cash Accounts receivable Merchandise inventory Property, plant and equipment Accumulated depreciation Accounts payable Accrued liabilities. Long-term notes payable Common shares Retained earnings Revenues: Sales Expenses: Cost of goods sold Other expenses Depreciation expense Loss from operations Other revenue and expenses: Gain on sale of plant assets Loss 2. Behlen Industries Income Statement For the Year Ended December 31, 2020 3. 4. December 31 5. 6. 2020 $156,000 $161,000 304,000 324,000 108,000 97,000 731,000 681,000 414,000 410,000 199,000 196,000 11,000 17,000 305,000 232,300 137,700 2019 $854,000 410,000 18,000 188,000 225,500 226,500 $1,252,000 Other information regarding Behlen Industries and its activities during 2020: 1. Assume all accounts have normal balances. 1,282,000 $ (30,000) 17,000 $ (13,000) Cash dividends were declared and paid during the year. No share dividends were declared or distributed. Plant assets (PPE) worth $176,000 were purchased during the year by paying cash of $46,000 and issuing a long-term note payable for the balance. Plant assets (PPE) were sold during the year. A cash payment was made on the note payable. Common shares were issued. Using the template provided, prepare a (complete) statement of cash flows for Behlen Industries for the year ended December 31, 2020, using the indirect method. Use brackets ( ) to enter negative cash flows.
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